After the Business Plan: 7 Next Steps for Success

1. Validate Your Business Plan With Real Feedback

Your business plan is essentially a hypothesis about your business. Before diving headfirst into execution, it's critical to test whether those hypotheses hold water.

Seek Expert Feedback

The first step is to share your business plan with people who can provide valuable insights:

• Industry experts: Professionals who understand your market can identify blindspots
• Potential customers: Validate your value proposition with actual buyers
• Successful entrepreneurs: Those who've been through the journey can offer practical advice
• Mentors and advisors: Experienced business leaders who can challenge your assumptions
• SCORE mentors: Free business mentoring from experienced executives

Test Your Core Assumptions

Focus on validating the most critical assumptions in your plan:

• Market demand: Are customers actually willing to pay for your solution?
• Pricing strategy: Will your target market accept your pricing?
• Competition analysis: Have you accurately assessed your competitive landscape?
• Revenue projections: Are your financial forecasts realistic?
• Operational feasibility: Can you actually deliver what you're promising?

Action tip: Create a simple survey or conduct 10-15 interviews with potential customers. Their feedback might reveal gaps between what you think they want and what they actually need.

2. Secure Initial Funding and Financial Resources

With a validated business plan in hand, it's time to turn your funding strategy into reality. Your approach will depend on your business type, funding needs, and personal circumstances.

Funding Options to Consider

• Bootstrap with personal savings: Maintain full control but limit growth potential
• Friends and family funding: Often the first external source of capital
• Small business loans: SBA loans, bank loans, or alternative lenders
• Angel investors: High-net-worth individuals who invest in early-stage companies
• Venture capital: For high-growth potential businesses
• Crowdfunding: Platforms like Kickstarter, Indiegogo, or equity crowdfunding
• Grants: Government or private grants for specific industries or demographics

Prepare Your Funding Materials

Beyond your business plan, investors typically want to see:

• Executive summary (1-2 pages)
• Pitch deck (10-15 slides)
• Financial models and projections
• Market research validation
• Team resumes and backgrounds
• Legal documents (incorporation, IP, etc.)

Pro tip: Start with the funding sources that align best with your business stage and industry. Don't waste time pitching VCs if you're building a lifestyle business, and don't expect friends and family to fund a $10 million expansion.

3. Build Your Minimum Viable Product (MVP)

Your business plan outlined what you intended to build. Now it's time to create the simplest version that delivers core value to customers — your MVP.

Define Your MVP Scope

Your MVP should:

• Solve the core problem identified in your business plan
• Be buildable with limited resources and time
• Allow you to gather customer feedback quickly
• Validate key assumptions about user behavior
• Generate initial revenue or user engagement

Development Approaches

Depending on your business type, your MVP might be:

• Software/App: A basic version with core features only
• Physical product: A prototype or limited production run
• Service business: Manual delivery of your service to a small customer base
• E-commerce: A simple online store with limited product selection
• Content/Media: A blog, podcast, or video series to build audience

Remember: The goal isn't perfection — it's learning. Your MVP should help you understand what customers really want so you can iterate and improve.

4. Assemble Your Core Team and Advisory Board

Your business plan identified key roles needed for success. Now it's time to find the right people to fill those positions.

Prioritize Critical Hires

Focus on roles that are:

• Essential to your core operations
• Revenue-generating positions
• Areas where you lack expertise
• Roles that will accelerate growth

Consider Different Engagement Models

• Full-time employees: For core team members
• Part-time contractors: For specialized skills or temporary needs
• Equity partnerships: Co-founders or key contributors who share in success
• Interns: Students or career changers looking for experience
• Advisors: Industry experts who provide guidance for equity or fees

Build a Strong Advisory Board

Recruit 3-5 advisors who bring:

• Industry expertise and connections
• Functional expertise (marketing, finance, operations)
• Entrepreneurial experience
• Access to customers or distribution channels
• Credibility with investors

Important: Be clear about expectations, time commitments, and compensation (typically 0.25-1% equity for advisors) before bringing anyone on board.

5. Establish Legal Structure and Compliance

Transform your business from an idea into a legally recognized entity. This step protects you personally and provides the foundation for growth.

Choose Your Business Structure

• Sole Proprietorship: Simplest structure, but no liability protection
• LLC: Flexible structure with liability protection, popular for small businesses
• C-Corporation: Best for businesses seeking VC funding
• S-Corporation: Tax advantages for certain businesses
• Partnership: For businesses with multiple owners

Handle Essential Legal Requirements

• Register your business name
• Obtain necessary licenses and permits
• Get an Employer Identification Number (EIN)
• Open business bank accounts
• Set up business insurance
• Create basic legal documents (operating agreements, employment contracts)
• Protect intellectual property (trademarks, patents, copyrights)

Recommendation: While you can handle some basics yourself, consider consulting with a business attorney for complex issues or if you're raising investment capital.

6. Implement Marketing and Customer Acquisition Strategies

Your business plan outlined your marketing strategy. Now it's time to execute and start building your customer base.

Start With Low-Cost, High-Impact Activities

• Content marketing: Blog posts, videos, or podcasts that demonstrate expertise
• Social media presence: Build community around your brand
• Networking: Industry events, local business groups, online communities
• Referral programs: Incentivize existing customers to refer new ones
• Partnerships: Collaborate with complementary businesses
• Email marketing: Build and nurture a list of prospects

Set Up Marketing Infrastructure

• Professional website with clear value proposition
• Customer relationship management (CRM) system
• Analytics tools to track marketing effectiveness
• Social media accounts on relevant platforms
• Email marketing platform
• Basic branding materials (logo, business cards, etc.)

Measure and Optimize

Track key metrics such as:

• Customer acquisition cost (CAC)
• Customer lifetime value (CLV)
• Conversion rates at each stage of your funnel
• Website traffic and engagement
• Social media reach and engagement
• Email open and click-through rates

7. Monitor Progress and Adapt Your Strategy

Your business plan was your best guess at the time you wrote it. As you execute, you'll learn new information that should influence your strategy.

Set Up Regular Review Processes

• Weekly operational reviews: Track key metrics and immediate priorities
• Monthly strategic reviews: Assess progress against goals and identify course corrections
• Quarterly business plan updates: Revise projections and strategies based on new learnings
• Annual comprehensive planning: Major strategic pivots and long-term planning

Key Performance Indicators to Monitor

• Financial metrics: Revenue, expenses, cash flow, profitability
• Customer metrics: Acquisition, retention, satisfaction, lifetime value
• Operational metrics: Productivity, quality, efficiency
• Market metrics: Market share, competitive positioning, industry trends
• Team metrics: Employee satisfaction, retention, productivity

Be Prepared to Pivot

Some signs it might be time to adjust your strategy:

• Consistently missing financial projections
• Low customer adoption or high churn rates
• Significant market changes or new competition
• Unexpected opportunities or partnerships
• Resource constraints requiring focus on core activities

Remember: Pivoting isn't failure — it's smart adaptation based on real-world feedback.

Common Mistakes to Avoid After Creating Your Business Plan

• Analysis paralysis: Spending too much time perfecting the plan instead of executing
• Ignoring customer feedback: Sticking rigidly to your original plan despite market signals
• Underestimating cash flow needs: Running out of money before achieving profitability
• Hiring too quickly: Building a team before validating product-market fit
• Neglecting legal fundamentals: Skipping proper business structure and compliance
• Not measuring progress: Failing to track key metrics and adjust accordingly
• Trying to do everything: Spreading resources too thin instead of focusing on core priorities

Final Thoughts: From Plan to Action

Creating a business plan was just the beginning. These 7 steps will help you bridge the gap between vision and reality. Remember, entrepreneurship is an iterative process — you'll learn, adapt, and improve as you go.

The most important thing is to start. Take the first step, then the next one. Your business plan is your roadmap, but the journey begins when you decide to move forward despite uncertainty.

Stay focused on solving real problems for real customers, manage your cash flow carefully, and be ready to pivot when you learn something new. Success rarely follows the exact path you planned, but having a plan gives you a strong foundation to build upon.

FAQs

How long should I wait before starting to execute my business plan?

Don't wait too long! Once you've gotten feedback from a few trusted advisors and made necessary revisions, start executing. The real learning happens when you begin interacting with customers and the market.

What if my business plan assumptions turn out to be wrong?

This is normal and expected! The key is to stay flexible and adapt your strategy based on new information. Many successful businesses look quite different from their original business plan.

Should I seek funding immediately after creating my business plan?

It depends on your business model and capital requirements. If you can bootstrap or start small, consider validating your concept first. If you need significant upfront investment, start fundraising early but be prepared for a lengthy process.

How do I know if I need to hire employees right away?

Start by doing as much as you can yourself to understand all aspects of your business. Hire only when you've identified clear needs that are essential for growth or areas where you lack critical skills.

How often should I update my business plan?

Review your plan monthly and make formal updates quarterly or whenever you have significant new information. Your business plan should evolve as your business grows and market conditions change.

What if my business plan projections prove to be unrealistic after I start operations?

This is actually common and not a failure! Business plans are based on assumptions that may change when faced with market realities. If your projections prove unrealistic, document what you're learning, revise your forecasts, and adjust your strategy accordingly. Successful entrepreneurs are adaptable—they use their business plan as a guide, not a rigid script.

Should I share my complete business plan with potential investors, or create a separate pitch deck?

While your business plan is comprehensive, most investors initially prefer a concise pitch deck (10-15 slides) that highlights key information. Consider your complete business plan as supporting documentation to provide after generating interest. For first meetings, focus on communicating your value proposition, market opportunity, and financial potential in a digestible format.

What if I can't afford to implement all aspects of my business plan immediately?

Prioritization is key. Break your business plan into phases, focusing first on elements that drive revenue or prove your concept. Many successful businesses start with a lean approach, adding infrastructure and team members as revenue allows. Identify what's truly essential for launch versus what can be developed as you grow, and create a phased implementation plan within your financial constraints.

How rigidly should I follow my business plan timeline?

Your business plan timeline should be a guide, not a strict schedule. Market conditions, customer feedback, and operational realities may require adjustments. Rather than viewing timeline changes as failures, see them as strategic adaptation. The most important thing is to establish key milestones, track progress, and understand why deviations occur—whether they indicate problems to solve or opportunities to pursue.

What if competitor analysis reveals stronger competition than anticipated?

Strong competition doesn't mean failure—it often validates market demand. If you discover stronger competition than expected, look deeper at how you can differentiate. This might mean targeting a more specific niche, adjusting your pricing strategy, or highlighting unique aspects of your offering. Some of today's most successful companies entered seemingly crowded markets but found unique positions that competitors weren't serving well.